Summary

Motilal Oswal Financial Services Ltd. (MOFSL) reported its highest-ever operating PAT of 3554 Cr in Q2FY26 and grew 11% in 1HFY26 to Rs 1,088 Cr. The growth was led by strong performance in Asset Management, Private Wealth and Capital Markets. MOFSL’s Operating PAT grew by 31% CAGR in the last decade. Net worth has grown nearly 10x from Mar’15 to Sept’25 to Rs 12,871 Cr led by an average ROE of 22% and an average payout of 20% without any external capital raise and after executing 3 buybacks.

Key Highlights

1. 1

   Asset Management: PAT grew 46% YoY to 2180 Cr, Total AUM stood at 21.77 lakh Cr, up 46% YoY, driven by stellar Mutual Fund AUM growth of 57%

2. 2

   Private Wealth Management: PAT grew 23% YoY to 110 Cr, Net Sales grew 3x in Q2FY26 to 27,358 Cr, AUM up 19% YoY to 21.87 lakh Cr

3. 3

   Wealth Management: PAT declined 24% to 170 Cr, Cash volume market share was robust at 7.1%, F&O Premium market share stands at 8.7%

4. 4

   Capital Markets: PAT grew 24% YoY to 290 Cr, Ranked #1 across IPOs, QIPs, and Rights Issues in H1

5. 5

   Housing Finance: PAT grew 27% to 234 Cr, Disbursement growth of 48% YoY to Rs 544 Cr, AUM grew 24% YOY to Rs. 5,236 Cr

6. 6

   Treasury book grew 14% YoY to 28,957 Cr, treasury book delivered a healthy XIRR of 18.7% since inception and grew at a 42% CAGR supported by reinvestment of operating profits